Millions of Dollars So Far Mined in Bitcoin by GMO

Millions of Dollars So Far Mined in Bitcoin by GMO

Bitcoin mining has continued to attract the attention of several firms, with the latest being an established Japanese Information Technology Company, GMO Internet. Over the past three months, GMO IT released a report indicating that they have been able to generate over $3 million in terms of revenue.

Report for the Last Three Months

On Monday, March 5, 2018, a mining report indicated how the Tokyo-based company has performed over the past three months was released. In that report, GMO IT disclosed that 23 Bitcoins were traded in the last month of 2017 {December}. In the first month of 2018, this publicly traded firm disclosed that it had traded a total of 93 Bitcoins.

The price, however, went further up in the month that followed, as this firm was able to generate a total of 124BTC. According to another report that was released by Bitcoin Price Index, an independent Cryptocurrency exchange body; all these coins from December 2017 to February 2018 are worth an estimate of $2.67 million. During the same period, the Japanese IT Company also additionally disclosed a total mining income of 525 BCH {Bitcoin Cash}. At the current prices of this virtual currency, the amount would be valued at $654,000.

Successful Business

GMO IT appears to have been going successfully well with this new venture of Bitcoin mining. Within the months it has been operating since it was launched, an amount that is estimated slightly over $3.3 million is reported to have been generated in terms of revenue. All these are courtesy of its new Bitcoin mining venture.

The Financial Status of the Mine

As per the data that GMO IT made available to the general public, sufficient information about the financial status of the mine cannot be extracted. In fact, it is not very clear at how much the coins were bought, which leaves so many consumers with answered questions.

The report also failed to offer an exclusive report on whether the total number of the digital coins that were brought in went beyond the total operating expenses, at any given juncture during the 3-month trading period. What was however included in the report was an exclusive detail on the processing capacity of this company.

GMO’s Targets

Currently, GMO IT works with 108 petahashes as its hash rate per second. This is the level of power that helped the company to generate the high number of BTC witnessed in February 2018.

By the end of this year, GMO IT has resolved to achieve a total hash rate of 3,000 petahashes per second. Bitcoin is the largest virtual currency in terms of the market capitalization, and as such it has the highest hash rate per second. The main Bitcoin has a hash rate of 22,125 petahashes per second at the moment.

GMO announced its entry into the highly competitive virtual currency mining venture in 2017 September. The main idea why they decided to venture into this business was as a way of supporting the Cryptocurrency mining infrastructure by leveraging the knowledge they have so far gathered in Internet Finance, as well as Internet Infrastructure.